We Looked at the Evidence: Is Elxnbit Legit or Scam?

Recently, Elxnbit.com site appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather credible evidence that clearly indicates it is, actually, a deceptive service.

Contrary to the assertions of Elxnbit.com, they won’t refund your capital. Even though the numbers displayed in the “member area”, there is no means to withdraw even a single cent. All promises regarding crypto bonuses are baseless as well.

Elxnbit Scam Overview

The primary offering that Elxnbit aims to provide is a protected and convenient cryptocurrency wallet service. The website pledges crypto exchange facilities, tools for handling wallets, transfers, dashboards, and similar functions. In truth, they aim to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in actuality exclusively serves as a cover needed to fool the cautious.

Elxnbit Scam

Initially, Elxnbit imitates the appearance of many equivalent online platforms. There are quite a few examples, like Droydex, Cryptoxup or Coinxbeast. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are identical. Probably, all these deceptive sites are led by the same gang of frauds.

Cryptocurrency Scam Summary

How the Elxnbit Scam Works?

Elxnbit is yet another website within a wide-ranging network of linked crypto scam platforms. The operators employ diverse brand titles and sites, like Elxnbit.com, to trap victims. Nevertheless, these false sites share the same website designs, terms of service, and About content. This reveals their beginnings as a part of the identical scam network, which advocates the same type of fraud under various appearances. The fraudsters simply copy the identical fraudulent website under various names to fool users into assuming they are participating in a new platform. However, in actuality, it’s the equal system of swindlers orchestrating the fraudulent commitments and attempts to take deposited cryptocurrency. The operators cleverly utilize psychological strategies and captivating offers to execute their dishonest plans.

Step 1: Spreading

To start the scam, criminals establish and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored advertisements (when feasible), scam actors boost the visibility of their scam activities to potential victims. This strategy allows them to cast a broad net and engage with their focused audience. This group typically comprises of cryptocurrency enthusiasts looking for prospects to generate profits.

Step 2: Gaining Traffic

Users who express interest check out Elxnbit.com via links featured in advertisements or robotic posts. The webpage employs captivating visuals, design elements that appear legitimate, and assertions of having a legitimate license, all aimed to present an initial image of credibility.

Step 3: Data Gathering

To claim their benefits, users are required to deliberately sign up on Elxnbit and get prompts to provide sensitive and personal data throughout the sign-up process. This comprises linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, furnishing identification documents, and more.

Step 4: Requesting funds

Once registered, users witness considerable amounts of cryptocurrency, valued at thousands of dollars, within their Elxnbit wallets. However, as is common with such bonuses, you cannot withdraw them ahead of topping up your account. Usually, a payment of $100 is required to withdraw the sign-up bonus. This condition serves as the snare that eventually culminates to the money loss.

Step 5: Disappear

Signs of Scam

I gathered several facts that point at the scammy nature of the Elxnbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Elxnbit does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Elxnbit like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Elxnbit, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Elxnbit is a definite scam.

What Should I do as a Victim?

If you had to deal with Elxnbit site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the scam, its masters may reach out to you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we already determined, these scammers have no intention of returning your funds. So, what do these email messages and browser plugins represent? Correct – that is another component of the deceptive plan designed to throw you into willingly installing malicious software onto your system.

Both extensions and attachments added to email messages can act as a shell for various malicious code. In this scenario, I foresee the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As noted, their morality is of no concern, and their reputation is already deeply compromised. They have no scruples to lose and aim to maximize gains.

Frequently asked questions